The bull case for the market is the economy on a nominal basis will grow at roughly 5%, with 2% coming from real GDP growth and 3% coming from inflation, allowing earnings to grow at over 10% for the next two years, 2024 and 2025. The 10-Year Treasury would be expected to stay around 4% or lower, allowing the P/E of the market to stay around 20x. The current multiple of the S&P 500 is 18.8x on 2024 current expectations, and 20.8x on 2023 earnings.